Pricing your home is one of the most important decisions you must make when selling your property. Some sellers want to price their home based on the return they would like on their initial investment, while others will base the price on what they need to buy their new home. Location, condition, and accessibility are three other variables that will affect the price of a property.
It is crucial to price your home correctly from the beginning because it will not sell if it is overpriced. Don't make the mistake of thinking that you can reduce the price later because you will have already lost many potential buyers. The motivation of the seller is another very important factor. The higher the seller's motivation, the lower the price, and low motivation will mean a higher price.
The state of your local real estate market is one of the strongest determining factors when pricing your home. A professional Realtor will be able to guide you through the pricing pitfalls with a written market analysis that includes the selling prices for similar homes in your area
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
Monday, May 31, 2010
Sunday, May 30, 2010
Storage Space
No matter how much storage space they have, most people feel that it's never enough. Most buyers put storage space high on their list of priorities for a new home, and all sellers must face the minor indignity of having prospective buyers open all of their closets to determine the size of each one.
Even an enormous closet looks small if it is cluttered. Your closets should be as organized as possible while your property is on the market. If you have too many things, have a yard sale, rent a storage unit temporarily, or make a tax deductible donation to a local charity. When you finish putting all of your closets in order, then attack the other storage areas. The areas that you have for storage will look much more spacious and attractive if they are neat and well-organized.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
Even an enormous closet looks small if it is cluttered. Your closets should be as organized as possible while your property is on the market. If you have too many things, have a yard sale, rent a storage unit temporarily, or make a tax deductible donation to a local charity. When you finish putting all of your closets in order, then attack the other storage areas. The areas that you have for storage will look much more spacious and attractive if they are neat and well-organized.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
Saturday, May 29, 2010
Tenant/Landlord Relationship
It is important to attract and keep great tenants when you own investment property. A good way to begin a positive tenant/landlord relationship is with clear communication about what you expect from your tenants and what they can expect from you.
The written lease agreement spells out the legal obligations of each party--the landlord must ensure that the property is habitable and complies with local codes, and the tenant must pay the rent in a timely manner and not damage the property. Make sure that the terms of the agreement are stated clearly in straightforward language.
Let the tenants know of your commitment to keep the property in good repair and of your desire to know about little problems before they become serious. When it's time for the tenants to move, offer to provide a reference letter if they need one. This is a nice way to say "thank you" to them for having maintained the property during the terms of their lease. Good communication can help you to maintain the quality of your investment.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
The written lease agreement spells out the legal obligations of each party--the landlord must ensure that the property is habitable and complies with local codes, and the tenant must pay the rent in a timely manner and not damage the property. Make sure that the terms of the agreement are stated clearly in straightforward language.
Let the tenants know of your commitment to keep the property in good repair and of your desire to know about little problems before they become serious. When it's time for the tenants to move, offer to provide a reference letter if they need one. This is a nice way to say "thank you" to them for having maintained the property during the terms of their lease. Good communication can help you to maintain the quality of your investment.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
Thursday, May 27, 2010
What Is Fair Market Value?
What is the best price for some real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV is defined as "the price that a buyer is willing to pay and the seller is willing to take". Sounds great, but how is this price determined?
The starting point for determining a fair price may be an opinion of the value or "competitive market analysis" : a CMA. This analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired listings (which did not sell). Local, national and international trends and market conditions must also be considered.
By comparing similar properties of each type and the market conditions, appraisers, lenders and agents come very close to the maximum price that the market will bare for that home.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
The starting point for determining a fair price may be an opinion of the value or "competitive market analysis" : a CMA. This analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired listings (which did not sell). Local, national and international trends and market conditions must also be considered.
By comparing similar properties of each type and the market conditions, appraisers, lenders and agents come very close to the maximum price that the market will bare for that home.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
Wednesday, May 26, 2010
Need Title Insurance
Title insurance is one of the closing cost items on the closing statement when a home is purchased. This insurance protects the buyer from defects in the title that are not discovered until after the closing. There are two kinds of title insurance--coverage that protects the lender for the balance of the mortgage if the buyers have a loan, and coverage that protects the buyers' equity in the property.
It is prudent to purchase owners' coverage because most of the title problems that arise after a closing are not from a sloppy title search, but are the result of inaccurate information in the public records. The ownership chain goes back a long way, and fraud or misrepresentation anywhere in the chain could mean big problems. Title insurance will protect you if a wife or husband did not properly sign off on the ownership papers or if the property was sold as part of an estate that was later disputed. Most people do not have to deal with the title insurance company after the closing, but this coverage could save your investment if a problem arises.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
It is prudent to purchase owners' coverage because most of the title problems that arise after a closing are not from a sloppy title search, but are the result of inaccurate information in the public records. The ownership chain goes back a long way, and fraud or misrepresentation anywhere in the chain could mean big problems. Title insurance will protect you if a wife or husband did not properly sign off on the ownership papers or if the property was sold as part of an estate that was later disputed. Most people do not have to deal with the title insurance company after the closing, but this coverage could save your investment if a problem arises.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
Tuesday, May 25, 2010
FHA Advisory
If you are in default on an FHA-insured mortgage, and the lender intends to foreclose, you should know about the Mortgage Assignment Program. You will have to provide certain information to the FHA to apply for this program. To be considered eligible for assistance, the home must your primary residence, you must be at least three full payments behind on the mortgage, and the reason for your failure to make the mortgage payments must be due to circumstances beyond your control, such as unemployment. The FHA must be reasonably certain that you can resume making the payments at the end of 36 months and that the accrued deficiencies will be paid back before taking over the loan.
The Veteran's Administration also has a mortgage assistance program for those who have VA mortgages.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
The Veteran's Administration also has a mortgage assistance program for those who have VA mortgages.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
Monday, May 24, 2010
The Title Search
The people who do title searches have an extremely important job. They must ensure that the sellers really own the property being sold and that all liens against the property are being paid off as a result of the sale.
If the seller has had financial difficulties, for instance, and didn't pay his bills, there may be judgments that must be satisfied on or before the closing. Someone in addition to the party who signed the sales agreement may have an interest in the property. If so, it will be necessary for that person to sign the sales agreement and the deed that transfers ownership to the new buyer. The preliminary title report will also show any easements that run with the property. In addition, the Title Company will go back many years, examining what is called the "chain of title". If you learn that the property you are buying has title problems, don't panic. Most of them are resolved easily and in plenty of time to avoid delays in the closing.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
If the seller has had financial difficulties, for instance, and didn't pay his bills, there may be judgments that must be satisfied on or before the closing. Someone in addition to the party who signed the sales agreement may have an interest in the property. If so, it will be necessary for that person to sign the sales agreement and the deed that transfers ownership to the new buyer. The preliminary title report will also show any easements that run with the property. In addition, the Title Company will go back many years, examining what is called the "chain of title". If you learn that the property you are buying has title problems, don't panic. Most of them are resolved easily and in plenty of time to avoid delays in the closing.
Dallas Chambers
RE/MAX Agents Realty
Office: 770-922-7777 X316
Cell: 770-595-1541
Web: http://www.dallaschambers.com/
E-Mail: dallasc@remax.net
Each Office Independently Owned and Operated. All information deemed reliable but not guaranteed.
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About Me
- Dallas
- (Service Areas) Georgia: Rockdale, Newton, Henry, Gwinnett, Walton (Areas of Specialization) First Time Buyers, Move-up Buyers, Relocating Buyers and Sellers, New Construction, Resale Homes